The Abu Dhabi Department of Economic Development (Added) has signed an agreement with four banks that will enable customers to pay fees charged by the entity in installments, further promoting the ease of doing business.
The easy payment plan signed with First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Commercial Bank of Dubai will enable credit card holders to pay their fees between three months and 12 months, Added said.
The service, particularly designed to benefit smaller businesses by helping them manage their cash flows better, will include more lenders in the future, Ibrahim Al Mosa, executive director of the corporate support services sector at Added, said.
“We are committed to provide [the] best conditions for our customers and business community in Abu Dhabi. We have signed these agreements with leading UAE banks and will enlarge the base of banks."
Abu Dhabi's economy has recovered strongly from the Covid-19 pandemic, driven by robust government policies, including slashing business set-up fees by a massive 94 per cent to Dh1,000. That was part of a string of fee reductions to support businesses, increase its competitiveness and attract more investors.
In recent weeks, Added announced key indicators reflecting this performance. The emirate added 80 economic activities in 2021 spanning key sectors, bringing the total to 4,062, according to the department's Abu Dhabi Business Centre unit.
The number of new economic licences issued in Abu Dhabi, meanwhile, rose about 22 per cent last year to 25,427, according to a report by Added.
In February, the government entity also introduced Investor Journey, part of the Abu Dhabi Government Services Ecosystem, which unifies company set-up procedures to facilitate the ease of doing business.
Abu Dhabi's non-oil economy grew an annual 4.1 per cent in 2021, Statistics Centre–Abu Dhabi (SCAD) reported earlier this month.
The partnership between Added and the four lenders includes fees for issuing and renewing commercial and industrial licences at the department's centres and digital channels with a minimum value of Dh1,000.
The agreement will help companies' liquidity management, enabling them to sustain and streamline their businesses, Mr Al Mosa said.
“Liquidity management is very important to businesses and easy payment plans provide a good opportunity to business owners, particularly micro and small enterprises," he said.
